Make the Most of Your Insurance with Year-End Healthcare
11/7/2023
Time is running out to get medical services covered under your 2023 health plan deductible or FSA. The end of the year is approaching fast and most of us are quickly adding items to our to-do lists.
Holiday preparations, work projects, travel, family gatherings, and other end of year activities can make
this a busy time.
But, don’t forget to prioritize your health – because this may be the best time of year to catch up on
your healthcare and save a lot of money, too.
Health insurance plans and flexible spending accounts (FSAs) reset on January 1 every year, making the
next two months an important time to schedule medical care to take advantage of insurance plan
coverage and FSA funds before they expire.
By this time of the year, many of us have met our plan deductible, at which point the health plan may
pay for the majority, if not all, of your healthcare expenses for services received before the end of the
year. This could mean savings of hundreds or even thousands of dollars, depending on what healthcare
you need.
If you have met the deductible, or if you are close, appointments, testing and procedures scheduled in
November or December will help you make the most of your benefits. Many people will be scheduling
procedures such as mammograms and other diagnostic imaging studies, colonoscopies, surgeries like
joint replacements and hernia repairs, vision care, and physical therapy. It’s crucial to schedule now to
be sure your test, check-up or procedure can be completed before the end of the year.
On January 1, your contribution to your deductible resets to zero and you will have to start all over
again.
Individuals who have a flexible spending account (FSA) also should check their balance to see if any
funds remain unused. The Internal Revenue Service requires these accounts, which hold pre-tax dollars
set aside to pay for healthcare-related expenses, be depleted by the end of the year or the money is
forfeited. This is another reason to schedule services now to be sure those hard-earned dollars are
spent, not lost.
Schedule an appointment here: mountainviewdocs.com/doctors-providers.
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